All Forum Posts by: Wanda Cardenas

Wow, easy boys...didn't mean to start a war of any kind.
Thank you all for your very valuable and...enthusiastic advise! ;)

I certainly understand the push for education, which is my main focus at this time. And that is part of the frustration as there is So Much to be learned. Which was kind of the point of my question, I was hoping to get pointed in the right direction. As a beginner, I do not want nor need to learn Everything there is to know about RE right now. I just want to know everything I can learn about 1 or 2 "simpler" strategies I can start with - like Foreclosures. Just Kidding! After some extensive research, foreclosures will not be in my near future.

I do understand the risks and that there are plenty of ways to get into trouble in this business without even realizing it.
With that said, I am taking some necessary precautions and prepping for my future. I am considering myself lucky to have certain resources available to me for less than normal. Such as an RE atty that is a personal friend who I can turn to for legal advise, an uncle that is a home inspector, and also personal connections to a general contractor. I'm still in search for a CPA, who knows, maybe if I keep scrounging my personal contacts, one will miraculously appear. Haha
I'm just going to keep plugging away and will eventually find the answers I'm looking for.

Again, I thank you all sincerely. BP has become a great source of information and this post just proves it that much more.

~W~

Welcome Rich!

There's lots of info here at BP and tons of great people wiling to answer questions and give advise. :) Best of Luck.

~W~

Information overload, like the video says, its becoming a bit overwhelming.

I'm having a hard time trying to decide where I want to start. Just when I think I've got it narrowed down, I'll read another book or blog and I'll want to check that out and get all absorbed by that idea.

I just want to START already, but WHERE!?!

My major problem is that I have no money of my own to invest.
So, I was looking at wholesaling, but then of course I came across info on Sub2, Lease Options, and Fix n Flips are just so sexy to me. HA!

HELP!

Thank you!
You can bet I'll be looking into both of these suggestions.

~W~

Can anyone fill me in on the Chicago Foreclosure Auction process?

I know that the Notice of Sheriffs Auction is put in the paper 3 week prior to the auction. I've looked on the Cook County site, I've tried looking up Sheriffs auctions and I just can't seem to get any other info.

For instance, the "bidder's fee", is it a specific dollar amount or a percentage?
As for the Redemption Period, is it always 90 Days? (not interested in abandoned properties)
When is the opening bid announced?
At what point does the lender then set up the date for the auction, after the redemption period, during?
Also, at what point is it no longer in the hands of the Listing and/or Buyer agents hands, before or after the court has ruled on it?

Sorry, I know these are probably kind of random questions.

Oh one more question...

Once an auction is won, how many days do you have to pay the full purchase price?

Thank you so much!

Michael Carbonare, great! I'll look into it. Thank you!

Mike H., wow with every passing day, I love this site more and more. Thank you so much! I find myself saying that a lot on BP that I hope it doesn't come off insincere.

Too bad Manteno is so dang far for me. If you're ever in the city and have a few minutes, I'd love to buy you a cup of coffee and chat a bit more. :)

Welcome Brinton. Always love to see fellow Chicagonans! :)
As someone who has also recently joined, I can honestly say there is a wealth of info to be gained. And the members are so amazing and willing to share their knowledge with you. A great community!

Mike H. great advice!

Thanks Kyle B., you make very valid points.
Maybe I should stop saying I plan on wholesaling. At this point I'm still in the learning phase, taking in every avenue and am considering every aspect as well. Wholesaling is just one technique but, more than likely it will not be my sole focus. I was also told to diversify, which makes a whole lot of sense. Not to say I will be all over the place but rather I will not have all my eggs in One basket.
Maybe this is the wrong way to go about all this, but I'm bound to make mistakes along this journey. That's the one thing I am sure of, but I'll take it all as lessons. :)

I am so impressed with BP and all it offers! I appreciate everyone's advice so much, it keeps my eyes wide OPEN and focused. Thanks again! Everyone! :)